🚀🚀🚀 #CardanoRally Continues: #WhaleActivity 🐳🐳🐳 and Key Indicators Signal Potential for ADA to Break $0.70 and Beyond
Cardano ($ADA ) Pulls Back to $0.6417 After Reaching a High, But On-Chain Analysis Shows the Bull Run Could Persist
- The Cardano rally, which began on November 6, continues to draw attention, with ADA’s price climbing from $0.33 to a peak of $0.6417 on November 11 before retracing slightly. While some view this pullback as a signal that the bullish momentum could be slowing, on-chain data suggests otherwise.
Increased Whale Activity Fuels Cardano’s Momentum
- ADA's price surge followed early signs of a Donald Trump election victory. Recent data from IntoTheBlock reveals that the Average Transaction Size has risen to $171,588 over the past week, indicating growing interest from institutional investors. Historically, when this metric rises, ADA’s price has continued to rally despite occasional pullbacks. In March, a similar spike in large transactions preceded ADA’s rise to $0.74.
Mean Dollar Invested Age (MDIA) Indicates Bullish Continuation
- Another indicator supporting ADA’s continued ascent is the Mean Dollar Invested Age (MDIA), which tracks the average age of dollars invested in ADA. A declining MDIA shows that older ADA coins are moving back into circulation, increasing network activity and potentially fueling further gains. If this trend continues, ADA may climb higher from its current levels.
ADA Price Outlook: $0.70 in the Short Term, With Potential for a Long-Term Rise Above $1
- The In/Out of Money Around Price (IOMAP) metric reveals solid support for ADA around $0.63, where approximately 87,950 addresses hold around 1.79 billion ADA. This suggests that ADA may soon break resistance levels between $0.64 and $0.69, allowing for a potential push to $0.70 in the short term.
- ADA’s breakout from a descending triangle on the weekly chart suggests a potential long-term target of $1.34 if buying momentum holds. However, increased selling pressure could limit these gains.
